Amendments to the Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 20233

1

The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 20236 is amended as follows.

2

In article 1(4) (interpretation)—

a

after the definition of “FSMA”, insert—

  • “group” has the meaning given by section 421 of FSMA;

b

omit the definition of “the 2006 Act”;

c

in the definition of “HSBC UK Bank plc”, for “with that name which has”, substitute “incorporated on 23rd December 2015 with”;

d

in the definition of “Silicon Valley Bank UK Limited”, for “with that name on 13th March 2023, and which has”, substitute “incorporated on 3rd April 2020 with”;

e

after the definition of “Silicon Valley Bank UK Limited”, insert—

  • “undertaking” has the meaning given by section 1161 of the Companies Act 2006.

3

In article 3(1) (modification of the FCA’s and PRA’s rule-making powers), for “both provisions”, substitute “each provision”.

4

In article 3(2) (modification of the FCA’s and PRA’s rule-making powers)—

a

in the text before sub-paragraph (a)—

i

before “applies”, insert “also”;

ii

for “Silicon Valley Bank UK Limited”, substitute “HSBC UK Bank plc and any undertaking in its group”;

b

in paragraphs (a) and (b), for “Silicon Valley Bank UK Limited” in each place where it occurs, substitute “HSBC UK Bank plc or the relevant undertaking in its group”.